Net Earnings Per Share

6 Months Ended

Jun. 30, 2023

Basic earnings per share ("EPS") is computed by dividing net earnings available to common stockholders by the weighted average number of common shares outstanding during each period. Diluted EPS is computed on the basis of the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding restricted stock units (“RSUs”) and certain shares underlying the Notes and the warrants relating to the Call Spread Transactions. A reconciliation of the denominators of the basic and diluted EPS calculations follows (in thousands, except per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator:
Net earnings	$	80,482	$	89,184	$	130,454	$	145,815
Denominator:
Weighted average shares used to compute basic EPS	33,101		35,083		33,403		35,028
Dilutive potential common shares due to dilutive RSUs, net of tax effect	234		199		275		265
Dilutive potential common shares due to the Notes	2,516		1,539		2,413		1,608
Dilutive potential common shares due to the Warrants	1,188		—		1,032		—
Weighted average shares used to compute diluted EPS	37,039		36,821		37,123		36,901
Net earnings per share:
Basic	$	2.43	$	2.54	$	3.91	$	4.16
Diluted	$	2.17	$	2.42	$	3.51	$	3.95

For the three and six months ended June 30, 2023, 67,000 and 76,000, respectively, of our RSUs were excluded from the diluted EPS calculations because their inclusion would have been anti-dilutive. For the three and six months ended June 30, 2022, 38,000 and 26,000, respectively, of our RSUs were excluded from the diluted EPS calculations and certain potential outstanding shares from the warrants related to the Call Spread Transactions were excluded from the diluted EPS calculations because their inclusion would have been anti-dilutive.